INSUBCONTINENT EXCLUSIVE:
New Delhi: A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR
by 0.10 per cent to 8.60 per cent
Bank of Maharashtra has reviewed and reduced its marginal cost of funds based lending rates (MCLR) with effect from June 7, 2019, it said in
The one-year MCLR is the benchmark against which most customer loans such as auto, personal and home loans are priced
Among other loan tenors, the overnight MCLR will attract an interest of 8.15 per cent, down by 0.05 per cent, while the three-month tenor
rate has been slashed by an equal margin to 8.40 per cent
The Reserve Bank in its second bi-monthly policy decision announcement Thursday cut the repo rate -- at which it lends to banks -- by 0.25
per cent to 5.75 per cent, aimed at spurring demand and boost the economy
RBI Governor Shaktikanta Das had expressed concerns that banks were slow in transmitting the benefits to the consumer despite successive
India's economic growth is estimated to have slowed to a five-year low of 6.8 per cent in 2018-19
The RBI has also cut down the GDP expansion forecast to 7 per cent for the current fiscal, against its earlier projection of 7.2 per cent
due to slowdown in domestic activities and escalation in global trade war.